Latham & Watkins Advises PTTEP on Acquisition of 25.5% Stake in Seagreen Offshore Wind Farm

Latham & Watkins has advised PTTEP, Thailand’s national oil and gas company, on its acquisition of a 25.5% equity stake in the Seagreen offshore wind farm from TotalEnergies, for a consideration of £522 million (US$689 million). Following completion, PTTEP will be a significant minority investor in Seagreen alongside TotalEnergies (25.5%) and SSE Renewables (49%).

The Seagreen offshore wind farm is located in the North Sea, approximately 27 kilometers off the coast of Scotland. With a total capacity of 1,075 MW, Seagreen is the world’s deepest fixed bottom wind farm. Fully operational since October 2023, Seagreen is comprised of 114 turbines which can provide enough electricity to power more than 1.6 million homes, equivalent to two-thirds of all homes in Scotland.

In addition, PTTEP and TotalEnergies have signed a Memorandum of Understanding (MoU) to explore joint opportunities in the development of renewable energies.

The Latham team was led by London corporate partner Beatrice Lo and Singapore corporate partner James Clayton-Payne, with associates Andrew Lee, Yiheng Luo, and Elliot Brownlee. Advice on antitrust and FDI matters was provided by Brussels partner David Little and London partner Jonathan Parker, with associates Edd Rarity and Panya Baldia; on project development and finance matters by associates Vanessa McLellan and Ali Stopford; and on tax matters by London partner Karl Mah, with associates Aoife McCabe, Lina Le Roux, and Nicole Lim.